WSJ Opinion: Potomac Watch Paul Gigot in Conversation with U.S. Treasury Secretary Scott Bessent
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Apr 15, 2026 
Scott Bessent, U.S. Treasury Secretary and former investment manager, outlines US strategy on Iran, sanctions, and global finance. He discusses US-China tensions, AI competition and America’s compute advantage. He also covers semiconductor supply chains, immigration for tech talent, and economic growth prospects amid geopolitical risks.
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Economy Can Still Grow Above Three Percent
- The U.S. economy remains strong despite war-related shocks and could still grow above 3% this year.
- Bessent points to falling core inflation and expects energy-driven headline inflation to normalize once the conflict eases.
Use Trade Tax And Deregulation To Spur CapEx
- Pursue a three-legged economic strategy of trade, tax, and deregulation to stimulate capex and manufacturing.
- Bessent says tariff clarity (Section 301) restored corporate confidence and is already lifting CapEx intentions and construction hiring.
Against Capital Gains Indexing Now
- Indexing capital gains to inflation is not a current priority because it would mainly boost the stock market.
- Bessent emphasizes focus on Main Street, noting 38% of households don't own equities.